Fitch affirms Abu Dhabi

Fitch Ratings said it affirmed Abu Dhabi's long-term foreign- and local-currency issuer default ratings at AA, short-term foreign-currency issuer default rating at F1+ and country ceiling at AA+.

The outlook is stable.

The affirmation and stable outlook reflect the continuing strength of Abu Dhabi's sovereign balance sheet, which conveys exceptional fiscal flexibility, Fitch said.

The 2008 to 2009 global financial crises was a severe stress test for Abu Dhabi, but one that left its balance sheet largely unscathed, the agency said.

Any future stress would have to have harsher consequences than this to trigger negative rating action, Fitch said.

Abu Dhabi's rating is anchored by one of the strongest balance sheets of any rated country, the agency said.

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